Singapore Attractions
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THE ECONOMY OF SINGAPORE
The Economy of Singapore is a highly developed and successful free market economy in which the state plays a major role. It has a remarkably open and corruption-free business environment, stable prices, and one of the highest per capita gross domestic products (GDP) in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have. Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Singapore is the busiest in the world, surpassing Hong Kong and Shanghai.In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of Singapore's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.
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